Luxembourg highlighted for lack of tax transparency

Nov 22, 2013, 10:02 AM EST
Wolfgang Stuck

Luxembourg is one of several tax havens not meeting international standards on transparency, according to an OECD-backed global review group set up to fight international tax evasion. Cyprus, the British Virgin Islands and the Seychelles are others deemed to be non-compliant because of lack of implementation of their laws on bank secrecy and tax transparency. Switzerland, Botswana, Brunei, Nauru, Panama, United Arab Emirates, Liberia and Vanuatu were named as having inadequate laws. The findings, presented at a meeting of more than 80 countries in Jakarta, are expected to put more pressure for reform on the shrinking number of tax havens.